Already battered by the Russia-Saudi Arabia oil price war, Brent crude oil sank to a 16-year low of $26 per barrel on Wednesday as the coronavirus-led demand destruction exacerbated global economic recession fears.
This is the lowest of the international benchmark for crude since September 2003, compared to the high of $147 per barrel in 2008.
The crash in prices came hours after Goldman Sachs cut the price forecast for Brent crude oil to $20 a barrel for the quarter ending March 31 on the back of a drop in global demand hit by coronavirus epidemic.
